I've had my Transcendent for a couple months now, and I must say it's great. True to down jacket form, it's very light weight considering the amount of warmth you get. The cut is generous enough to throw a couple layers underneath when one must battle the icy cold heart of Mother Nature herself. Pack size is, of course, impressive and the entire jacket packs into the front right hand warmer pocket. This makes the jacket easy to throw into a backpack, or a convenient size to use as a pillow.
I must say that my inital impression of this jacket was a little lackluster. The Transcendent simply wasn't as warm as I had expected it to be. I would stand around outside or sit in my car and still feel cold when the temperature was around the freezing mark. Then I started moving. This jacket is not meant to keep you warm when you're waiting for the bus in the dead of winter. Instead, it's an active outdoor mid-layer than excels at retaining body heat when the user is in motion. I would have to disagree with the review by Glapierre as I don't believe this would make a good belay jacket. It simply isn't thick enough to be warm when standing around. However, everyone is slightly different and it might work fine for you. As a rule, I'm cold all the time, so I would need a heavier jacket to keep me warm whilst on belay.
Like any down jacket you will get some feathers "bleeding" out every now and then, but fear not. Since OR has a fantastic warranty program if you blow a baffle, OR will fix or replace the jacket in a timely fashion. That being said, I find the face fabric is tougher than one might expect considering its relative thinness.
Overall this is a great insulating piece for active outdoor pursuits. The light weight and packability mean that it'll find its way into my backpack no matter what and, as Andy put it, it just looks damn good. This jacket is awesome approved.